As we can see, in the past NIFTY has taken support from that same Ascending Trend Line multiple times, taking support and moving up at least 10%, we can see that from S1, S2, and S3. The Risk is minimum. Stop loss(below Trend Line{TL}- a strong close of candle below TD) and the reward is 17000 mark.
Our key principles:- > We will only enter a trade when we are 100 % confident.
> We will only enter those set-ups where risk is very low.
> We will wait patiently for the price to come under our radar, until then we will just wait and watch.
Trade active
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As we predicted , nifty today made a high of 17225.75 If we study charts well there are high chances of being on profitable side.
Comment
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Nifty almost made a high of 18000 ++. Being a trader/Investor what we need is patience and trusting the process at all the cost.
why no one talking about M pattern in monthly tf of nifty? it looks like super bearish and a scary fall can be expected in nifty. please correct if wrong.
Pratik_Barchha
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@DesiMasala10, In Weekly TF I feel Nifty is at wave 4 and will re-test the 2nd wave support and will bounce back ( Elliott Wave ) I feel Nifty can be extremely Bullish in coming days.
DesiMasala10
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Makes sense. Monthly time frame looks super weak. 4 months red candles which has never been seen before. Additionally, broader market isn't performing at all .. kind of gave me a thought that the double top patten in monthly timeframe is doing its job well. Its like just the index is being manipulated and broder market is going through heavy MTM lossess.
Pratik_Barchha
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@DesiMasala10 very true .. let's see , at the end of the day this is a game of probability. let's see how things go if it goes wrong on my part , am sure this will help me improve my learning curve.
DesiMasala10
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infact its the other way round buddy. learning things from you. Just wanted to get some insight on the larger time frame analysis.